Private-Practice Doctors Receive $54 Million in Loans
November 02, 2011
Rancho Cordova, Calif., (November 2, 2011) – Through the Vision Loans Program, over $54 million has been distributed to doctors to support the continued success of private-practice optometry. The loans provide optometrists financing for first time practice purchases, partnership buy-ins, and refinance options.
"Thanks to Vision Loans I purchased my first practice this year. It afforded a comfortable transition into private-practice optometry,” said Ben Palmer, O.D. of Nipomo Optometry. "The Vision Loans Program even offers a payment plan, enabling me to retain income for my practice while I grow the business."
Since its launch in 2003, the program has provided financial support to optometrists who want to get into private practice and those who want to successfully transition out. Demand remains strong even during this economic downturn because the program provides access to capital for loans not commonly funded through traditional bank lenders.
“The fact that this program also enables partnership buy-ins or fractional-purchase loans is unique in the industry, since those loans are typically financed by the seller,” said Bob Schultz, CEO of Vision One Credit Union. "This program enables new optometrists an avenue to practice ownership they might not otherwise have, while providing optometrists closer to retirement a more flexible exit strategy.”
"VSP is committed to helping private-practice doctors stay competitive in this economic landscape, as well as adapt to the ever changing marketplace,” said Jim McGrann, Incoming President of VSP® Vision Care.
The Vision Loans Program is a joint effort by VSP® Vision Care, Essilor, and Vision One Credit Union. All payments from the loans are reinvested back into the program to support the growth of private-practice optometry. For more information about Vision Loans, contact Vision One Credit Union’s lending division at 800.327.2628.
About VSP Global
VSP GlobalSM includes VSP Vision Care, the largest not-for-profit vision benefits and services company in the United States with 56 million members; Marchon® Eyewear Inc., one of the world’s largest manufacturers, designers and distributors of quality fashion and technologically-advanced eyewear and sunwear; Eyefinity® which offers innovative solutions and the premier management software and technology to improve overall practice management and patient experience; VSP Optics Group, industry leaders in new technologies, production processes, service and logistics.
To date, through VSP community outreach programs such as VSP Mobile Eyes® and Sight for Students®, and through relationships including those with the American Red Cross and Prevent Blindness America, VSP has invested more than $138 million in free eyecare and eyewear for more than 715,000 adults and children in need throughout the United States.
About Vision One Credit Union
Vision One Credit Union was founded in 1951 as a banking organization for optometrists. It operates as a non-profit institution with an all OD, volunteer Board of Directors. Vision One is owned by its depositors who represent all aspects of independent optometry (ODs, Optometric Colleges, Associations, Societies and Industry).